KUALA LUMPUR (Jan 22): Gateway Development Alliance Sdn Bhd (GDA) and its shareholders (the consortium) have refuted any suggestion that the offer for Malaysia Airports Holdings Bhd or MAHB (KL:AIRPORT) has been undertaken in anything other than full compliance with the Securities Commission Malaysia’s (SC) Rules on Takeovers, Mergers and Compulsory Acquisitions.

In a joint statement released on Wednesday, the consortium said GDA’s revision of the acceptance condition is lawfully permitted pursuant to Note 7 to Paragraph 6.01 of the SC rules. 

“In addition, GDA’s right to amend the acceptance condition is clearly stated in Section 2.2(iii) of the offer document dated Dec 6, 2024,” it said.

On Monday, the consortium issued a statement stating that it had reduced the acceptance condition of its offer to 85% of MAHB’s total issued shares, enabling the delisting of the airport operator.

The consortium said GDA expects to declare the offer unconditional, and remains confident that total acceptances would exceed 90%, and that MAHB would be delisted from Bursa Malaysia following the acceptances totalling 86.5%.

The consortium has revised the closing date of the offer to Feb 4, and declared that its offer price of RM11 is final and will not be revised further. 

Read also:
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What Gateway Development Alliance’s revision in terms means to MAHB’s privatisation 
Malaysia Airports privatisation turns unconditional as acceptance threshold cut to 85%, deadline extended
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